Greenbrook recaps 4-unit Park Slope rental with Carlyle Group at $7M

Carlyle Group and Greenbrook Partners through the entity Townhouse Rental II, L.L.C. recapitalized $7 million to the four-unit residential walkup building (C1) at 419 3rd Street in Park Slope, Brooklyn. Greenbrook Partners previously owned the building with an unnamed equity party through the entity 419 3 St, LLC.
The deal closed on April 16, 2024 and was recorded on April 18, 2024. The property has 5,208 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,347 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
Greenbrook Partners bought the property on November 16, 2022, for $3.9 million. The signatory for Greenbrook Partners as seller was Gregory Fournier. The signatory for Carlyle Group was Carter Martin. The contract date was April 16, 2024, the same as the closing date.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Carlyle Group purchased 156 properties in 138 transactions for a total of $862.7 million and sold one property in one transactions for a total of $4 million over the past 24 months.

The property

The residential walkup building with four residential units in Park Slope has 5,208 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 21 feet and is 95 feet deep with a total lot size of 1,995 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of five of the 15 commercial properties representing 29,787 square feet of the 98,416 square feet. The largest owner is Nicholas Devito, followed by John Mercado and then I. Wolhendler.
On the tax block, there were two new building construction projects totaling 12,084 square feet. The largest is a one-unit, 6,196 square-foot residential (R-3) building submitted by Willam Caleo with plans filed April 19, 2023 and it has not been permitted yet. The second largest is a one-unit, 5,888 square-foot residential (R-3) building submitted by Oliver Dowling with plans filed January 23, 2023 and it has not been permitted yet.

The majority, or 88 percent of the 98,416 square feet of built space are walkup buildings, with mixed-use buildings next occupying 12 percent of the space.

The seller

The PincusCo database currently indicates that Greenbrook Partners owned at least 110 commercial properties with 769 residential units in New York City with 711,979 square feet and a city-determined market value of $211.5 million. (Market value is typically about 50% of actual value.) The portfolio has $277.3 million in debt, with top three lenders as Invesco Real Estate, Rialto Capital Management, and MP Real Estate Capital respectively. Within the portfolio, the bulk, or 63 percent of the 711,979 square feet of built space are walkup properties, with mixed-use properties next occupying 9 percent of the space. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 292 commercial properties with 2,760 residential units in New York City with 3,425,934 square feet and a city-determined market value of $846.7 million. (Market value is typically about 50% of actual value.) The portfolio has $1.2 billion in debt, with top three lenders as Invesco Real Estate, Invesco, and Santander Bank respectively. Within the portfolio, the bulk, or 45 percent of the 3,425,934 square feet of built space are elevator properties, with industrial properties next occupying 19 percent of the space. The bulk, or 44 percent of the built space, is in Brooklyn, with Queens next at 32 percent of the space.
The PincusCo database currently indicates that Greenbrook Partners owned at least 110 commercial properties with 769 residential units in New York City with 711,979 square feet and a city-determined market value of $211.5 million. (Market value is typically about 50% of actual value.) The portfolio has $277.3 million in debt, with top three lenders as Invesco Real Estate, Rialto Capital Management, and MP Real Estate Capital respectively. Within the portfolio, the bulk, or 63 percent of the 711,979 square feet of built space are walkup properties, with mixed-use properties next occupying 9 percent of the space. They are all located in Brooklyn.

Correction: A prior version of this post stated there were eight units, but in fact there are only four.

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